Why do firms collaborate with universities?

What is it about?

Expertise and networks - those are the key advantages sought by firms collaborating with universities. Firms do not seek to exploit university inventions. The most typical attitude is rather to seek to leverage the competences of faculty and students in order to strengthen innovation-oriented activities. Human capital management also is an important dimension, both in that collaboration is thought to facilitate recruitment and that it helps firms keep their most valuable R&D workers happy about their jobs.

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Why is it important?

Understanding what firms seek in collaboration is necessary for designing policy meant to promote university-industry exchange. In particular, there is an important subset of rationales for interaction which requires that firms gain influence over problem formulation activities, while leaving questions of research design and evaluation in academic hands. Policy schemes which provide such incentives can therefore stimulate further joint university-industry research.